Latest updates
Sustainability in the charitable sector – is social investment the answer?
Forsters LLP- United Kingdom
- 26 November 2020
The issue of sustainability for the charitable sector takes many guises, including in the way in which charities invest funds, but also in the activities which charities undertake and, by implication, fund. Sustainability as a theme can be observed through a number of different lenses; this article deals with the investment of funds and charitable activities in this context.
Enforcement under Security Interests (Jersey) Law 2012
Ogier- Jersey
- 26 November 2020
The Security Interests (Jersey) Law (SIJL) 2012 came into force on 2 January 2014, changing the way in which security is created, perfected and enforced over Jersey intangible movable property. This article deals with the enforcement of security interests under the SIJL 2012.
DITC Portal update
Ogier- Cayman Islands
- 26 November 2020
The new Department for International Tax Cooperation (DITC) Portal launched in early November 2020. The DITC has also issued an advisory setting out details of a phased opening of the DITC Portal, confirming that it will initially be available for Common Reporting Standard and US Foreign Account Tax Compliance Act purposes, with functionality for economic substance and country-by-country reporting being launched in subsequent phases.
Lockdown fails to dampen buoyant property market
Ogier- Jersey
- 19 November 2020
The start of lockdown initiated a significant slowdown in the property market in early Spring 2020. Reassuringly, as Jersey came out of lockdown, there was an exponential increase in property transactions, which peaked in August 2020. If the rapid resurgence of the market seen in the summer is anything to go by, any reduction in transactions over the winter months which is beyond the seasonal norm may lead to a similar increase in activity and competition next spring.
Snapshot: determining whether a petition debt is disputed on substantial grounds
Ogier- Cayman Islands
- 19 November 2020
It is trite law that where a petition debt is disputed in good faith and on substantial grounds, the Grant Court's ordinary practice is to dismiss or strike out the winding-up petition. However, this principle is more easily applied in theory than in practice, resulting in a remarkable amount of case law. That body of case law has been swelled in 2020 by a number of Grand Court decisions which provide further guidance as to whether a petition debt is to be considered genuinely disputed on substantial grounds.
Anti-money laundering rules: impact on art market
Forsters LLP- United Kingdom
- 19 November 2020
The EU Fifth Anti-money Laundering Directive was enacted into UK law with effect from 10 January 2020. It requires art businesses to implement systems intended to prevent their potential use in money laundering or for various other offences. The rules apply to those trading, storing or acting as intermediaries in works of art, where the value involved is more than €10,000. This is a significant extension to the existing rules.
Does Cyprus law allow wills to be signed electronically?
A G Paphitis & Co- Cyprus
- 12 November 2020
The outbreak of COVID-19 and continuation of social distancing measures have brought to light a variety of issues concerning the signing and execution of wills. Consequently, the legal world has had to resort to digital means in order to sign such documents. One of the key digital means is the use of electronic signatures instead of handwritten or wet-ink signatures.
Expanded powers for Employment and Discrimination Tribunal
Ogier- Guernsey
- 12 November 2020
The Employment and Tribunal (Guernsey) Order 2020 enhances the tribunal's powers to dismiss or strike out complaints without merit. This is fantastic news for both employers and employees with valid defences or claims facing unnecessarily difficult opponents. The tribunal's powers are now significantly increased to be able to dismiss unmeritorious claims at the outset and bring cases to an end at any stage of proceedings where the conduct of either side becomes unacceptable.
Termination of Cayman vehicles – advance planning to minimise 2021 fees
Ogier- Cayman Islands
- 12 November 2020
Cayman Islands vehicles which are considering termination may wish to initiate the process now to minimise or eliminate 2021 annual fees. Terminating entities that are registered with the Cayman Islands Monetary Authority (CIMA) as mutual or private funds can also save on 2021 annual fees due to CIMA, other regulatory filing fees and obligations and the risk of incurring an administrative fine if they move quickly.
COVID-19 and residential tenancies: where are we now?
Ogier- Jersey
- 12 November 2020
The States of Jersey enacted the COVID-19 (Residential Tenancy) (Temporary Amendment of Law) (Jersey) Regulations 2020 in an attempt to address the impact of the COVID-19 outbreak. The regulations temporarily amended certain provisions of the Residential Tenancy (Jersey) Law 2011, applying to all residential tenancies with effect from 10 April 2020, and remained in force until 30 September 2020. As of this date, landlords and tenants must manage leases in the normal way under the law.
Implementation of new TRS rules
Forsters LLP- United Kingdom
- 12 November 2020
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 were laid before Parliament on 15 September 2020. Among other things, this statutory instrument (SI) implements the new Trust Registration Service (TRS) rules, as extended by the EU Fifth Money Laundering Directive, which came into force on 10 January 2020. The SI is expected to be implemented as drafted.
To be or not to be (a trustee)?
Cyril Amarchand Mangaldas- India
- 12 November 2020
Over the past decade, there has been a renaissance of private trusts which act as holding entities for private family wealth or provide employee benefits. More recently, their use has extended to business and investment vehicles. Many of these trusts hold immense wealth for the ultimate benefit of family members, employees or investors. As a result, enormous responsibility is reposed on the trustees. This responsibility is accompanied by a host of legal duties, of which potential trustees should be mindful.
Private equity – acquisition structures
Ogier- Jersey
- 05 November 2020
Complex tax, accounting and employment matters are among those which drive the choice of acquisition structure for private equity-funded transactions. Two common types of private equity acquisition transaction are the leveraged buy-out (LBO) and the management buy-out (MBO). Where an LBO or MBO transaction involves a domestic or international business with a UK-domiciled management team, Jersey acquisition structures have gained traction with UK private equity advisers for numerous reasons.
Funds update: Q3 2020
Ogier- Cayman Islands
- 05 November 2020
Over the past quarter, the Cayman Islands enacted a number of changes to laws and regulations which affect, or will affect, Cayman funds. This article is intended as a handy reference guide with respect to the recent changes and updates, including the removal of the Cayman Islands from the EU tax list, the changes to the Anti-Money Laundering Regulations (2020 Revision) and the transition to a new portal for registration and reporting purposes.
Data protection registration from January 2021
Ogier- Guernsey
- 05 November 2020
From January 2021, the Office of the Data Protection Authority (ODPA) will introduce a new registration and levy regime which has been approved by the States of Guernsey. This new regime requires all entities which process personal data, including local organisations, businesses and sole-traders established in the Bailiwick of Guernsey, to register with the ODPA. The new fees regime will allow the ODPA to move towards self-funding status, giving it full financial independence from the States of Guernsey.
Guernsey ticks right boxes to attract increasing private equity investment from United States
Ogier- Guernsey
- 29 October 2020
Guernsey ticks all the right boxes when it comes to private equity – both private and listed. Importantly, Guernsey's private equity regime is simple and established, with sensible proportionate regulation which recognises the sophistication of managers and their investors. Guernsey is the ideal gateway to the United Kingdom and the European Union for US managers who continue to make use of private placement regimes in all of the key markets.
Financial Services (Disclosure and Provision of Information) (Jersey) Law 202-
Ogier- Jersey
- 29 October 2020
This article looks at the government's introduction of new legislation in relation to beneficial ownership and controlling interests requirements. This new legislation, the Financial Services (Disclosure and Provision of Information) (Jersey) Law 202-, aims to implement in Jersey the requirements set out by the Financial Action Task Force, the intergovernmental body that sets standards for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Guide to restructuring and corporate recovery
Ogier- Cayman Islands
- 29 October 2020
This article answers FAQs on restructuring and corporate recovery options available in the Cayman Islands, with respect to domestic procedures, cross-border procedures, creditors, avoidance transactions, contributions to liquidation estates and officer liability.
Snapshot: bringing claims against Cayman entities subject to insolvency processes
Ogier- Cayman Islands
- 22 October 2020
To ensure the orderly and collective resolution of a company's affairs, the Companies Law imposes a moratorium on commencing or proceeding with any suit, action or other proceedings against the company once liquidators are appointed by the court (including on a provisional basis). Once these officeholders are appointed, proceedings can be commenced or proceeded with against the company in question only with the leave of the Grand Court, subject to such terms as the court may impose.
Guernsey companies – an overview
Ogier- Guernsey
- 22 October 2020
The benefits of using a Guernsey company are extremely wide but generally include separate legal identity, limited liability for shareholders and ease of transfer of ownership. These features, coupled with a tax-neutral environment in Guernsey for most companies, enable Guernsey companies to be structured to meet a wide variety of business purposes – from commercial trading and joint ventures to investment holding vehicles.
